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Audit of Items of Financial Statements – CA Inter Audit MCQ Question 1.Which assertion is common among income statement and balance sheet captions:(a) Existence(b) Valuation(c) Completeness(d) MeasurementAnswer:(c) Completeness Question 2.Direct confirmation procedures are performed during audit of trade receivable balances to address the following balance sheet assertion:(a) Measurement(b) Existence(c) Rights and Obligations(d) CompletenessAnswer:(b) Existence Question […]
Audit Documentation and Audit Evidence Question 1.Define audit documentation. Also give some examples.OrWrite short note on: Audit working papers Answer:Audit documentation:SA 230 “Audit Documentation” defines the term as “Record of audit procedures performed, relevant audit evidence obtained and the conclusions the auditor reached”. Examples of audit documentation:Audit documentation may be recorded on paper or on electronic […]
Risk Assessment and Internal Control Question 1.The assessment of risks is a matter of professional judgment. Explain stating clearly what is not included in Audit Risk? Answer:Assessment of Audit Risk: Audit Risk is the risk that the auditor gives an inappropriate audit opinion when the financial statements are materially misstated. Thus, it is the risk that […]
Audit Strategy, Audit Planning and Audit Programme Question 1.“The auditor should plan his work to enable him to conduct an effective audit in an efficient and timely manner. Plans should be based on knowledge of the client’s business” Discuss stating clearly the broad points you would be covering in framing plan to conduct audit in […]
Nature, Objective and Scope of Audit – CA Inter Auditing Notes Question 1.“An auditis independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an opinion thereon.”Explain stating clearly how the person conducting […]
Income from Salaries – CA Inter Taxation Question 1.Mr. M is an area manager of M/s N Steels Company Limited. During the financial year 2020-21, he gets following emoluments from his employer:Basic SalaryUp to 31.08.2020 ₹ 20,000 pmFrom 01.09.2020 ₹ 25,000 pmTransport Allowance ₹ 2,000 pmContribution to recognized provident fund ₹ 15% of Basic Salary […]
Residence and Scope of Total Income – CA Inter Taxation zQuestion 1.State with reason whether the following statement is true or false with regard to the provisions of the Income-tax Act, 1961 for the Assessment Year 2021-22.(a) Income to a non-resident by way of interest royalty and fee for Tech-nical Services be made to accrue […]
Basic Concepts – CA Inter Taxation Question 1.Answer the following with regard to the provisions of Income-tax Act, 1961.Explain the concept of margimTrelief under the Income-tax Act, 1961. Answer: Marginal relief is just reduction of tax payable. The Principle of marginal relief is that the additional amount of income tax with surcharge in excess of income […]
Cost and Management Accounting (CMA) question and answers MODULE 1 Chapter 1: Introduction to Cost and Management Accounting Chapter 2: Material Cost Chapter 3: Employee Cost and Direct Expenses Chapter 4: Overheads – Absorption Costing Method Chapter 5: Activity Based Costing Chapter 6: Cost Sheet Chapter 7: Cost Accounting Systems MODULE 2 Chapter 8: Unit […]
Auditing and Ethics Questions and Answers MODULE 1 Chapter 1: Nature, Objective and Scope of Audit Chapter 2: Audit Strategy, Audit Planning and Audit Programme Chapter 3: Risk Assessment and Internal Control Chapter 4: Audit Evidence Chapter 5: Audit of Items of Financial Statements MODULE 2 Chapter 6: Audit Documentation Chapter 7: Completion and Review […]